Weekly Cryptocurrency Market Analysis: Altcoins find support as they continue their sideways trend

The top-performing altcoins listed below are losing value in April 2024 as bulls run into trouble. The altcoins continue their sideways trend after breaking above key support. A few of these cryptocurrencies are covered.

Helium

Helium (HNT) prices are declining in a sideways pattern. Previously, the altcoin had risen to a high of $10 before settling in a sideways trend. The altcoin's price range before its decline was between $5.50 and $10.00. The altcoin fell to a low of $3.65 as bulls bought the dips. HNT is currently worth $5.00 at the time of writing this article.

Currently, the cryptocurrency is trapped between the moving average lines. As a result, it is oscillating between the moving average lines. If the price closes above the 50-day simple moving average, HNT is likely to continue trending higher. The altcoin will test its previous high of $10. This altcoin is the top performer with the following characteristics.

Current price: $5.03

Market capitalization: $1,122,228,357

Trading volume: $31,553,976

7–day gain: 30.69%

TRON

The price of TRON (TRX) is falling after reaching resistance at $0.144. The altcoin fell below the moving average lines and reached a low of $0.10. TRON recovered above the current support level of $0.10, and the altcoin rose above the moving average lines.

If the bullish momentum continues above the moving average lines, TRON will regain its previous high of $0.144. However, if the bears break the 21-day SMA line, the downtrend will resume. TRON has the following characteristics and is the second-best performing altcoin.

Current price: $0.1207

Market capitalization $10.565.021.232

Trading volume: $482,396,714

7–day loss: 4.20%

KuCoin Token

The price of KuCoin Token (KCS) is declining in a sideways pattern. In the recent price movement, the altcoin rose to a high of $16 before being dumped. The altcoin fell to a low of $7.62, but the bulls bought the dips. KCS corrected upwards and broke through the 21-day SMA but failed to break above the 50-day SMA. 

The value of the altcoin currently stands at $9.39. The cryptocurrency is currently trapped between the moving average lines. The third most valuable coin, KCS, has the following characteristics:

Current price: $9.49

Market capitalization: $1,614,732,954

Trading Volume: $1,905,486

7–day Gain: 2.98%

GateToken

GateToken (GT) is in an uptrend but has fallen below the moving average lines. The altcoin has declined from a high of $11.47. After rejecting the current high, the altcoin plunged to a low of $6.28 as bulls bought the dips. GT has made an upward correction and is stranded between the moving average lines.

On the upside, the altcoin will return to its previous high of $11 if buyers keep the price above the 50-day SMA. GT is the fourth highest performing coin. It has the following characteristics:

Current price: $7.60

Market capitalization: $2,278,516,231

Trading volume: $7,263,593

7–day gain: 1.44%

UNUS SED LEO

The price of UNUS SED LEO (LEO) is in a sideways trend and trading below the $6.20 overhead resistance. The altcoin is currently trading in the price range of $5.60 to $6.20. The price movement has been slowed down by the presence of doji candlesticks. Currently, the price of the cryptocurrency is trading between the moving average lines. When the moving average lines are broken, the altcoin starts to trend up. LEO is currently worth $5.89. FLOKI, the fifth best performing cryptocurrency, offers the following advantages: 

Current price: is $5.84

Market capitalization: $5,765,858,934

Trading volume: $1,296,590

7–day gain: 1.43%

Disclaimer. This analysis and forecast are the personal opinions of the author and are not a recommendation to buy or sell cryptocurrency and should not be viewed as an endorsement by CoinIdol.com. Readers should do their research before investing in funds.